Third Party Motor Insurance: More Than Police Let Me Go

A vehicle owner that doesn't have comprehensive motor insurance cover, is that one the owner?

Many people have different perception of what motor insurance actually is. Incredibly, a typical Nigerian doesn't even know whether he/she has any form of motor insurance at all.

Had a discussion with a prospect I met recently about comprehensive insurance, and to my surprise he confirmed that though he didn't have any form of insurance, he however had a tracker on his vehicle.

The fact is that a tracker won't repair your vehicle in the event of an accident or fire. Even if it was stolen, once the thief is able to figure out and disable the tracking device, the vehicle is indeed gone for good.

INTERESTING FACT: Do you know that is it illegal to drive a mechanical propelled (vehicle) in Nigeria without at least third party motor insurance? Well, now you know.

One interesting thing about third party motor insurance is that majority have this cover simply because it is compulsory yet don't really know what it provides.  In fact, I've heard people refer to it as "police let me go".

Third party insurance is much more than a road pass for the police. Yes, it’s cheap, just N5,000 for private car. But with a third party insurance, the insurance company is liable to pay for repairs/replacement up to one (1) million naira if you damage third party vehicle or property with your car. Also, if you cause any form of bodily injury or death of a third party, the insurance company pays for medical expenses and compensate with a reasonable amount of money to the family of the deceased in the event of death. I'm sure you're surprised that the so called "police let me go" is actually “insurance come to my rescue”.

Even though a third party insurance cover is better than no cover at all, the restrictions on the vehicle owner greatly down plays its usefulness. Comprehensive insurance coverage is always the smarter option. It's wider, affordable and easy to get.

To be continued on next blog.

For further information on Third Party Motor Insurance do not hesitate to contact me: 

Mobile/Whatsapp: 08036449700 

Email: info@insurancediscourse.net 

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Image: www.nigerianbulletin.com

Written by: 

Adebowale Ajayi 

Owner/Content Writer 

Insurance Discourse 

Edited by: 

Atinuke Aladenika 

Editor/Content Writer

Adebowale is an experienced Executive Marketing & Insurance Officer currently working with Risk Analyst Insurance Brokers Limited. Skilled in digital marketing, client services and graphics design with a Higher National Diploma focused in Insurance from Lagos State Polytechnic.